10 Jul 2014
GBP/USD bull pressures re-energizing - MarketChartist
FXStreet (Łódź) - Steve Miley, MSTA from MarketChartist observes that a resilient digestion GBP/USD through midweek after the rebound from 1.7085 should maintain upside pressures from the turn of month extension.
Key quotes
"This activity leaves a bullish tone from the previous break above critical levels at the psychological/ option barrier at 1.7000 and the 2009 peak at 1.7044 for a bigger picture bull view."
"We see risk late this week and through mid-July higher for a next Fibo extension level at 1.7255."
"Overshoot threat is a long term retrace target at 1.7335."
"Below 1.7000 eases bull risks; through 1.6952 signals a neutral tone, only shifting negative below 1.6920."
Key quotes
"This activity leaves a bullish tone from the previous break above critical levels at the psychological/ option barrier at 1.7000 and the 2009 peak at 1.7044 for a bigger picture bull view."
"We see risk late this week and through mid-July higher for a next Fibo extension level at 1.7255."
"Overshoot threat is a long term retrace target at 1.7335."
"Below 1.7000 eases bull risks; through 1.6952 signals a neutral tone, only shifting negative below 1.6920."